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Topic: what should I do with the check?  (Read 3053 times)

BAnh

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what should I do with the check?
« on: July 21, 2009, 12:41:28 pm »
It seems kind of silly, but I would like to know what is the best way to do with the check? should I cash it first or deposit directly in my bank account? and do I have to do tax at the end of the year?
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msbrat2194

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Re: what should I do with the check?
« Reply #1 on: July 21, 2009, 03:27:48 pm »
I think with any money you make as long as it doesnt exceed like $500 a year you shouldnt have to claim it for taxes. :thumbsup:
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BAnh

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Re: what should I do with the check?
« Reply #2 on: July 21, 2009, 03:38:43 pm »
that helps a lot. So I can just deposit the check (under $500) to my bank without worrying all the tax duty at the end of the year, right?
thank you!!!!
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Cuppycake

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Re: what should I do with the check?
« Reply #3 on: July 21, 2009, 03:45:48 pm »
If you should make over $500 in a one year time period you would get a 1099. Funny thing about the stupid IRS is that those jerks even have the nerve to say that if you have say a Mary Kay party and the rep gives you a free item for hosting the party you are supposed to claim the value of the product as income LOL !?! WTF !?! Greedy sobs.
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fuzzyfro

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Re: what should I do with the check?
« Reply #4 on: July 22, 2009, 12:26:33 am »
pfft what greedy fools the irs is :BangHead: :BangHead: :BangHead:
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Astupi

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Re: what should I do with the check?
« Reply #5 on: July 22, 2009, 12:00:18 pm »
thx...now I know... ;)  :thumbsup:
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Cuppycake

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Re: what should I do with the check?
« Reply #6 on: July 22, 2009, 08:57:19 pm »
Quote from: fuzzyfro on July 22, 2009, 12:26:33 am
pfft what greedy fools the irs is :BangHead: :BangHead: :BangHead:
I know! Crazy isn't it?
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RewardCash

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Re: what should I do with the check?
« Reply #7 on: July 24, 2009, 06:11:29 pm »
Yea anything above 500 is taxes. Sad but true. Well you could cash it in and make some interest  :thumbsup: Or take pics of the cash and make a blog about this site, who knows!
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kernlu

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Re: what should I do with the check?
« Reply #8 on: July 24, 2009, 07:07:14 pm »
I do taxes for a national co January thru April. IRS rules state that ALL income is to be reported when filing. But most follow the premise of not having to report amounts less than $500 in a year from a company. Companies do not have to give a form 1099 for less than $500. 
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extinct

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Re: what should I do with the check?
« Reply #9 on: July 25, 2009, 09:47:43 am »
yeah, id just cash
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chioke

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Re: what should I do with the check?
« Reply #10 on: July 26, 2009, 12:23:56 pm »
dont kno
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tabyl

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Re: what should I do with the check?
« Reply #11 on: July 26, 2009, 12:31:52 pm »
Tax Person here If you make more then 599 .00 you have to claim it anything less then that is up to you
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Cash4Free

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Re: what should I do with the check?
« Reply #12 on: July 26, 2009, 01:48:57 pm »
Quote from: tabyl on July 26, 2009, 12:31:52 pm
Tax Person here If you make more then 599 .00 you have to claim it anything less then that is up to you

wait, i have a question....i made over $300 this month...if i continue doing this, i will have to fill out tax forms later on? :
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tabyl

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Re: what should I do with the check?
« Reply #13 on: July 26, 2009, 02:16:21 pm »
only if you made over 599.00 if not you dont have tooo
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Cash4Free

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Re: what should I do with the check?
« Reply #14 on: July 26, 2009, 04:10:25 pm »
Quote from: tabyl on July 26, 2009, 02:16:21 pm
only if you made over 599.00 if not you dont have tooo

so if i make 400 more next month...then i will have to do tax? lol, sry for the thousand questions :p
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